(NEW YORK) - The Indianapolis Colts have selected Andrew Luck with the No. 1 pick of the NFL Draft.

Luck's selection was a formality after the Colts confirmed they would take the Stanford quarterback with the top pick.

The Colts have a massive rebuilding project on their hands, and Luck is the centerpiece of the effort to bring the team back to prominence after a dismal 2-14 season.

"I'll just hope for the best. We'll come in and work hard. There's a lot of great guys in the locker room already, and I feel so honored and so grateful to be able to represent the city now and be part of the team," Luck told ESPN immediately after his selection.

Quarterback Peyton Manning sat out the entire season after a series of neck surgeries, and he's now in Denver, leaving the Colts to start anew.

Luck broke the Stanford record for touchdown tosses in back-to-back seasons, with 32 in 2010 and 35 in 2011.

While Colts owner Jim Irsay plays a prominent role in the direction of the team, an entirely new regime has taken the reins, with general manager Ryan Grigson and Chuck Pagano replacing Bill Polian and Jim Caldwell.